If the Demand for Good X Is Inelastic in the Short

question 121

Multiple Choice

If the demand for good X is inelastic in the short run, then it will be __________ in the long run (as more time passes) .

• A)inelastic
• B)elastic
• C)unit elastic
• D)perfectly inelastic
• E)There is not enough information to answer the question.

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Definitions:

Online Payment Systems

Digital platforms that facilitate the transfer of money between buyers and sellers over the internet.

Electronic Fund Transfer

is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions.

Stored-Value Cards

Prepaid payment cards that have a monetary value stored on them electronically, commonly used for transactions in place of cash.

Smart Cards

Physical cards with embedded integrated circuits that can process information, used for secure transactions and identification.